Fitch affirms Belgazprombank at ‘B’, Outlook Stable

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Fitch Ratings affirmed Belgazprombank’s Long-Term Issuer Default Rating (IDR) at 'B' with Stable Outlook.

Fitch affirms Belgazprombank at ‘B’, Outlook Stable

The affirmation of the IDR reflects Fitch's view of potential support Belgazprombank could receive, if required, from its shareholders (PJSC “GAZPROM” and Bank GPB (JSC)) due to the strategic importance of the Belarusian market and close political and economic ties between the two countries.  

Further increase of Belgazprombank’s Long-Term IDR is capped by Country Ceiling.  

The bank’s ‘b’ Viability Rating, which has also been affirmed, reflects Belgazprombank's reasonably stable and profitable financial performance indicators under current circumstances, traditional loan-quality, as well as its solid headroom of core capital. 

The rating actions in relation to Belgazprombank are as follows:

  • Long-term IDR affirmed at 'B', Outlook Stable; 
  • Short-term IDR affirmed at 'B';
  • Support Rating affirmed at '4';
  • Viability Rating affirmed at 'b'. 
For more details, please visit Fitch Ratings page

In the framework of the banking product “Export Support” realized by Belgazprombank in cooperation with JSC “Development Bank of the Republic of Belarus” the period during which micro-, small and medium enterprises (MSMEs) can receive financing has been extended till October 2023.

Belgazprombank was awarded by the international payment system Visa in the nomination «The highest PV/TV ratio in Belarus» for the highest level of non-cash payments with Belgazprombank’s Visa bank payment cards. The share of non-cash transactions in the passing year reached 65.4% while the average indicator for the banking system of the Republic of Belarus amounted to 56%.

The major shareholders of Belgazprombank, PJSC Gazprom and Bank GPB (JSC), extended the subordinated loan provided in equal shares in the total amount of RUB 4.96 bn.

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On May 25, 2021 Fitch Ratings affirmed Belgazprombank's Long-Term Issuer Default Rating (IDR) at “B” with Negative Outlook, which is the highest rating possible for Belarusian issuers capped by the country ceiling.

The Annual General Shareholders Meeting of Belgazprombank was held on 30 March 2020 in Minsk using a video conference system.

Bank GPB (JSC) issued a press release following the visit of Gulnara Khaidarshina, Deputy Head of Research Department, to the Republic of Belarus. The release confirms a positive view on economic recovery of Belarus:

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Based on performance in January-February 2021, Belgazprombank gained profit of BYN 17.4 mln, which is 4.6 times higher than for the same period of 2020.

Belgazprombank and Bank GPB (JSC) signed the agreement on providing EUR 60 million long-term loan facility in favor of Belgazprombank. The attracted funds will be used to finance the development of small and medium-sized enterprises in the Republic of Belarus.

Press office.

Fitch Ratings has affirmed Belgazprombank's ratings at the highest level possible for Belarusian issuers at present capped by the country ceiling - Long-Term Issuer Default Rating (IDR) at “B”, Negative Outlook.

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